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New York & Tri-State  + Outer  + Finance  |  July 25, 2022
Innovo Property Group's multistory industrial development in Long Island City has secured a $435-million refinancing
Paul Bubny
By: Paul Bubny

Innovo Closes on $435M Refi of Multistory Industrial in Long Island City

Innovo Property Group (IPG) closed on a $435-million loan from Starwood Property Trust and JPMorgan. The funds provided will be utilized to refinance IPG’s new multistory industrial development, The Borden Complex, located at 23-30 Borden Ave. in Long Island City.  

“The Borden Complex will be a draw to tenants looking to service Manhattan, Brooklyn, and Queens with great efficiency,” said Andrew Chung, founder and CEO of IPG. “The industrial sector has continued to outperform other asset classes and given the optimal location and unique design features of this property, we expect this complex to be in high demand.”  

The 23-30 Borden site was acquired for $75 million by IPG in January 2019 with Atalaya Capital Management and Nan Fung Group. Following its acquisition, the partners demolished the FreshDirect warehouse that previously occupied the site and completed plans for the new development. Construction is expected to be finalized in 2024.   

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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